On August 3, 2020, the Financial Crimes Enforcement Network (FinCEN) published three new Frequently Asked Questions (FAQs) regarding Customer Due Diligence (CDD) requirements for financial institutions.

  • The new FAQs clarify the regulatory requirements related to:
    • Obtaining customer information;
    • Establishing a customer risk profile; and
    • Performing ongoing monitoring of the customer relationship.
  • The new FAQs are in addition to those that were published on:

For further information regarding customer due diligence requirements, including the Customer Due Diligence Requirements for Financial Institutions, please see FinCEN’s CDD webpage.

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